Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by speculators, which has fueled price volatility. Increasingly, however, Bitcoin is also used to pay for products and services. In December 2013, the San Francisco based startup Coinbase received a US$25 million venture capital investment, the largest ever for a Bitcoin company, to build out its consumer and merchant payment processing services. Merchants have an incentive to accept the currency because transaction fees are lower than the 2 to 3% typically imposed by credit card processors. Notable vendors include OkCupid, Reddit, and WordPress.
